GTT (NYSE MKT: GTT), a cloud
networking service provider offering Tier
1 IP and Ethernet
network solutions to multinational enterprises today announced it
has completed an amendment to the $25 million mezzanine facility and the
additional take-down of $3 million. The amendment reduces the 13.5%
interest rate to 11% and waives the warrant issuance in connection with
the $3 million draw.
“We are proud to have completed this refinancing on the strength of our
financial performance,” stated Michael Bauer, CFO of GTT. “This 250
basis point lower borrowing rate results in annual interest savings of
$700,000 and will significantly reduce our overall cost of capital. We
want to thank our lenders for their continued support and increased
commitment as we execute our strategic growth strategy.”
BIA Digital Partners acted as a purchaser and as agent for the
purchasers, which included Plexus Fund II and BNY Mellon-Alcentra.
Forward-Looking Statements
This release includes certain “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995, which
reflect the current views of Global Telecom & Technology, Inc., with
respect to current events and financial performance. From time to time,
Global Telecom & Technology, Inc., which we refer to as “we”, “us” or
“our” and in some cases, “GTT” or the “Company”, also provides
forward-looking statements in other materials GTT releases to the public
or files with the United States Securities & Exchange Commission
(“SEC”), as well as oral forward-looking statements. You should consult
any further disclosures on related subjects in our quarterly reports on
Form 10-Q and current reports on Form 8-K filed with the SEC. Such
forward-looking statements are and will be subject to many risks,
uncertainties and factors relating to our operations and the business
environment that may cause our actual results to be materially different
from any future results, express or implied, by such forward-looking
statements. Factors that could cause GTT’s actual results to differ
materially from these forward-looking statements include, but are not
limited to, the following: our ability to obtain capital; our ability to
develop and market new products and services that meet customer demands
and generate acceptable margins; our reliance on several large
customers; our ability to negotiate and enter into acceptable contract
terms with our suppliers; our ability to attract and retain qualified
management and other personnel; competition in the industry in which we
do business; failure of the third-party communications networks on which
we depend; legislation or regulatory environments, requirements or
changes adversely affecting the businesses in which we are engaged; our
ability to maintain our databases, management systems and other
intellectual property; our ability to maintain adequate liquidity and
produce sufficient cash flow to fund our capital expenditures and debt
service; technological developments and changes in the industry; our
ability to complete acquisitions or divestitures and to integrate any
business or operation acquired; our ability to overcome significant
operating losses; and general economic conditions. Additional
information concerning these and other important factors can be found
under the heading "Risk Factors" in GTT's annual and quarterly reports
filed with the Securities and Exchange Commission including, but not
limited to, its Annual Report on Form 10-K. Statements in this release
should be evaluated in light of these important factors.
About GTT
GTT operates a global Tier 1 IP network with the most interconnected
Ethernet service platform around the world. We provide highly reliable,
scalable and secure cloud networking services. Our clients trust us to
deliver solutions with simplicity, speed and agility that are unmatched
by other network providers. For more information visit GTT www.gtt.net.
Copyright Business Wire 2013